资本约束对信贷扩张及经济增长的影响:分析框架和典型案例

监管当局的最低资本要求改变了传统货币政策传导机制。本文从银行信贷渠道和银行资本渠道两方面并借助简化的商业银行行为决策模型考察资本约束的信贷扩张效应,利用CC-LM模型讨论资本约束对经济增长的影响。本文认为,在资本短缺情况下,严格资本监管将导致贷款供给下降,进而对经济增长产生影响;1990年代美国、日本出现的信贷紧缩部分应归因于1988年资本协议的实施,监管当局和货币当局必须重视资本充足率监管的宏观经济效应。

Impacts of Capital Regulation on Credit Expansion and Economic Growth: Analytic Framework and Case Study

Minimum capital requirements imposed on commercial banks by banking regulator has changed traditional credit channel of monetary policy transmission.The author analyzes the effect of capital regulation on lending expansion based on the studies of bank lending channel and bank capital channel.CC-LM Model has been employed to analyze the influence of capital constraint on economy growth.This paper points out that credit supply and economy growth will decline when banks' capital is below the regulatory minimum for a sizable fraction of banks in short run.Credit crunch identified in US and Japan in 1990s should be partly attributed to implementation of Basel I.Therefore,the banking supervisor and the central bank should cooperate closely and pay great attention to the macroeconomic implications of capital requirement.